recent research has shown that by far the largest fraction of personal bankruptcies involve the illness of a family member.38
Joseph E. Stiglitz The Price of Inequality:...
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Recent studies indicate that a significant proportion of personal bankruptcies are linked to the serious illness of a family member. This correlation highlights how medical crises can severely impact financial stability, often leading families into debt and insolvency. The burden of healthcare costs can be overwhelming, particularly in systems where insurance coverage is inadequate or nonexistent.

Joseph E. Stiglitz, in his book "The Price of Inequality," discusses the broader societal implications of such financial struggles. He argues that the economic divide exacerbates vulnerabilities, and the health issues faced by families lead not only to personal tragedy but also to wider economic instability. This highlights the urgent need for systemic reforms to protect individuals from the financial fallout of health emergencies.

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The Price of Inequality:...
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Other quotes in The Price of Inequality: How Today's Divided Society Endangers Our Future

For most people, wages are the most important source of income. Macroeconomic and monetary policies that result in higher unemployment-and lower wages for ordinary citizens-are a major source of inequality in our society today. Over the past quarter century macroeconomic and monetary policies and institutions have failed to produce stability; they failed to produce sustainable growth; and, most importantly, they failed to produce growth that benefited most citizens in our society. In
Joseph E. Stiglitz The Price of Inequality:...
For most people, wages are the most important source of income. Macroeconomic and monetary policies that result in higher unemployment-and lower wages for ordinary citizens-are a major source of inequality in our society today. Over the past quarter century macroeconomic and monetary policies and institutions have failed to produce stability; they failed to produce sustainable growth; and, most importantly, they failed to produce growth that benefited most citizens in our society. In
While it is not always clear what is fair, and people's judgments of fairness can be biased by their self-interest, there is a growing sense that the present disparity in wages is unfair. When executives argue that wages have to be reduced or that there have to be layoffs in order for corporations to compete, but simultaneously increase their own pay, workers rightly consider that what is going on is unfair. That will affect their effort today, their loyalty to the firm, their willingness to cooperate with others, and their willingness to invest in its future.
Joseph E. Stiglitz The Price of Inequality:...
While it is not always clear what is fair, and people's judgments of fairness can be biased by their self-interest, there is a growing sense that the present disparity in wages is unfair. When executives argue that wages have to be reduced or that there have to be layoffs in order for corporations to compete, but simultaneously increase their own pay, workers rightly consider that what is going on is unfair. That will affect their effort today, their loyalty to the firm, their willingness to cooperate with others, and their willingness to invest in its future.
Trickle-up economics can work, even when trickle-down economics doesn't. Even
Joseph E. Stiglitz The Price of Inequality:...
Trickle-up economics can work, even when trickle-down economics doesn't. Even
The economic elite have pushed for a framework that benefits them at the expense of the rest, but it is an economic system that is neither efficient nor fair. I explain how our inequality gets reflected in every important decision that we make as a nation-from our budget to our monetary policy, even to our system of justice-and show how these decisions themselves help perpetuate and exacerbate this inequality.13 Given
Joseph E. Stiglitz The Price of Inequality:...
The economic elite have pushed for a framework that benefits them at the expense of the rest, but it is an economic system that is neither efficient nor fair. I explain how our inequality gets reflected in every important decision that we make as a nation-from our budget to our monetary policy, even to our system of justice-and show how these decisions themselves help perpetuate and exacerbate this inequality.13 Given
The failures in politics and economics are related, and they reinforce each other. A political system that amplifies the voice of the wealthy provides ample opportunity for laws and regulations-and the administration of them-to be designed in ways that not only fail to protect the ordinary citizens against the wealthy but also further enrich the wealthy at the expense of the rest of society. This
Joseph E. Stiglitz The Price of Inequality:...
The failures in politics and economics are related, and they reinforce each other. A political system that amplifies the voice of the wealthy provides ample opportunity for laws and regulations-and the administration of them-to be designed in ways that not only fail to protect the ordinary citizens against the wealthy but also further enrich the wealthy at the expense of the rest of society. This
Throughout its history, America has struggled with inequality. But with the tax policies and regulations that existed in the post–World War II war period-and the heavy investments in education, like the GI Bill-matters were improving. The tax cuts at the top and deregulation that began in the Reagan years reversed that trend. There
Joseph E. Stiglitz The Price of Inequality:...
Throughout its history, America has struggled with inequality. But with the tax policies and regulations that existed in the post–World War II war period-and the heavy investments in education, like the GI Bill-matters were improving. The tax cuts at the top and deregulation that began in the Reagan years reversed that trend. There
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